The Nigerian government is seeking private sector support to address a $10 billion funding gap in the power sector. Director-general of the Infrastructure Concession Regulatory Commission (ICRC),Jobson Ewalefoh, outlined these plans following a meeting with the minister of power, Adebayo Adelabu, in Abuja.
The ICRC emphasised the need for private sector collaboration through public-private partnerships (PPP) to meet technical and financial needs essential for Nigeria’s power infrastructure. Ewalefoh highlighted that the challenges are multifaceted, noting that only a collaborative approach with private investment can fully address the sector’s needs.
“The investment required in power is substantial, and the government alone cannot bear this cost.Leveraging private sector financial capacity is essential,” said Ewalefoh. ICRC’s regulatory role includes facilitating private investment, aimed at securing $10 billion in funding, attracting foreign investment, and stimulating economic growth.
To support this, the ICRC has implemented a six-point policy directed by President Bola Tinubu to streamline PPP processes. These guidelines prioritise accelerated project delivery while maintaining regulatory standards to avoid delays or liability risks. Conditions for PPP agreements now include provisions that nullify contracts if the selected bidder fails to perform.
Minister Adelabu echoed the importance of private investment, advocating for concession models to achieve 24-hour nationwide power supply over the next decade. “We need at least $10 billion over 10 years for a round-the-clock power supply, which the government alone cannot fund,” Adelabu explained. He commended Ewalefoh’s proposal for advancing private sector investment while preserving government ownership.
